Market Review September 2025

Benz Mining is the highlighted company.

Companies mentioned include Barton Gold, Erdene Resource Development, Equinox Gold, and West Red Lake Gold Mines.

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City Investors Circle Market Review September 2025 Published

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Market Review September 2025 – 

Benz Mining is the highlighted company.

Companies mentioned include Barton Gold, Erdene Resource Development, Equinox Gold, and West Red Lake Gold Mines.

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The average gain on stocks in our Tier 1 portfolio in September was 19%.

The highest risers were G Mining Ventures and Ora Banda Mining, rising 33% each.

There were no fallers.

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To read the September 2025 Market Review, please click HERE.

To receive future issues of the Market Review and invitations to our free to attend mining presentations, please email andrew@city-investors-circle.com

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Archive of September’s news releases is listed below, click the link to be taken to the full story.

 Barton Gold Commence DFS for Stage 1 Production

  Mining Review 28th September

  Equinox Workers Reported Injured at Valentine Gold Mine

  Lefroy’s High-Grade Gold Assays Support Lucky Strike Expansion

  Initiating Coverage – Erdene Resource Development

  Barton Gold’s Soil Assays Indicate Extensions and New Targets

  West Red Lake Gold Upsizes Bought Deal Financing

  Gold Road to Cease Trading on The ASX

  Mining Review 21st September 2025

  Barton Gold Resource Upgrade Drilling Begins at Tunkillia

  Initiating Coverage – Benz Mining

  Equinox Gold Delivers First Gold at its Valentine Gold Mine

  Orla Mining Stake Sold By Agnico Eagle

  West Red Lake Announces $30 Million Bought Deal

  Minerals 260 Report High-grade intercepts and new targets

  Mining Review 14th September 2025

  Lefroy’s Lucky Strike Gold Deposit advances towards operations

  Kaiser Reef Puts the A1 Mine on Care and Maintenance

  Galiano Gold Plunges 8% After Mine site Confrontation

  Murchison Gold Becomes Australia’s Newest Gold Producer

  Barton Gold ‘Stage 1’ Resources at Central Gawler Mill Pass 300koz Au

  Barton Gold Enters the ASX 500 Index

  Ora Banda Announces Outstanding Drill Results At Waihi

  Mining Review 7th September 2025

  Westgold 2025 Mineral Resources Estimate and Ore Reserves

  New Murchison Gold Report High-Grade Gold Hits At Abbotts

  Capricorn’s Karlawinda Expansion Project Siteworks Underway

  G Mining Ventures Receives Final Permit for Oko West Gold Project

  Kaiser Reef starts a strategic review of its A1 Gold Mine

  Galiano Gold Reports Q2 2025 Results

  Market Review August 2025 Published

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author may hold shares in some or all of the companies mentioned

.

Equinox Gold (TSX: EQX)

CBC news has reported that two workers at the newly opened Valentine gold Mine in Newfoundland have suffered leg injuries in a workplace accident.

The company have yet to officially comment.

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Valentine gold mine – Credits Calibre Mining.

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CBC News reports accident at the Valentine Gold Mine Owned by Equinox Gold

As the company has not yet reported this incident, the link to CBC’s article can be accessed HERE.

Naturally our thoughts are with the families concerned and we hope for a full and speedy recovery for those reported injured.

The company are clearly taking the correct actions to prevent a reoccurrence.

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To View Equinox Gold’s historical news, please click here

The live gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Equinox Gold.

.

.

Mining Review 21st September 2025

Equinox Gold celebrated the pouring of the first gold at their newly completed Valentine gold mine in Newfoundland.

Minerals 260 reported high grade drill intercepts and new targets.

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Glenburgh project map – Courtesy of Benz Mining

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City Investors Circle Mining Review 21st September 2025

Mining Review 21st September 2025

Equinox Gold celebrated the pouring of the first gold at their newly completed Valentine gold mine in Newfoundland. This has given the shares a small boost, after the recent 41% increase during the last month.

Equinox is now in a position to exploit a gold price it could never have imagined during the contruction of their recent new mines, and therefore one hopes that they will focus on debt repayment whist the sun is still shining on the gold price.

Minerals 260 reported high grade drill intercepts and new targets. The share price has also moved strongly during the last month, up 70.83%. The presense of veteran Australian mining entrepreneur Tim Goyder on the management team ensures investor focus and a degree of confidence here.

Orla Mining shares took a 5% hit after Newmont anounced they had divested 43 million shares in the company, closely following Agnico Eagle’s announcement that they had sold their entire Orla holding of 38 million shares.

The share price has fallen from a recent high of C$17.60 to C$14.44, so I’m considering whether this might represent an opportunity after the market has absorbed this huge volume of selling within ten days.

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We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non-deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Declaration

At the time of writing the author may hold positions in any of the stocks mentioned.

.

Equinox Gold (TSX / NYSE: EQX)

Announced the first gold pour at its Valentine Gold Mine located in Newfoundland and Labrador, Canada.

Commissioning of the Valentine process plant is progressing extremely well, with mill throughput averaging 47% of nameplate for the first 15 days of operation.

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Valentine Mine nears completion – Credits Calibre Mining

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Market Review August 2025

The highlighted company is Great Boulder Resources.

August produced an average 25% increase in share price for our top 10 watchlist, with one company rising by 53%.

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Great Boulder Resources project map – Courtesy of Great Boulder Resources

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City Investors Circle Market Review August 2025 Published

The highlighted company is Great Boulder Resources.

The company is based in Western Australia, and has an experienced management team, is well funded, and has the potential of early stage toll milling production on a capex of just A$3.5 million.

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August produced an average 25% increase in share price for our top 10 watchlist, with one company, Galiano Gold, rising by 53%.

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The Review contains a table of pure silver mining companies listed on the ASX, LSE, and TSX exchanges.

Silver is on the cusp of breaking $40 an ounce on the back of increased industrial demand from the solar power, EV, electronics, and microchip industries, combined with a growing supply deficit.

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Companies featured include Equinox Gold and Ora Banda Mining, plus comments about the largest pure silver mining companies, and a list of the top few on the ASX, London, and TSX exchanges.

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To read the August 2025 Market Review, please click HERE.

To receive future issues of the Market Review and invitations to our free to attend mining presentation, please email andrew@city-investors-circle.com

.

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Archive of August’s news releases is listed below, click the link to be taken to the full story.

  Equinox Gold Produces The First Gold Ore at Valentine

  Ora Banda Mining Report Record Revenue of A$404 million

  Horizon Minerals Acquires the Gordon Dam Project

  Omai Increases Indicated Mineral Resources to 2.1 M Oz AU

  Pacgold Issue Alice River Gold Project Drilling Update

  Catalyst Metals Trading Halt

  Galiano Gold Reports Exceptional Drill Results at Abore

  Mining Review 24th August 2025

  Pacgold Farm In Agreement to acquire St George Gold-Antimony Project

  Kaiser Reef Issue Clarification Statement

  Awalé Expands Systematic Exploration Over Highly Prospective Land

  Ora Banda Mining Diggers and Dealers Presentation

  Catalyst Metals Makes Intercepts outside Trident’s Resource envelope

  Equinox Gold Delivers Solid Q2 2025 Financial and Operating Results

  Orla Mining Reaches Major Milestone in Nevada with NOI

  Mining Review 17th August 2025

  G Mining Ventures Reports Strong Q2 2025 Results

  Orla Mining Reports Q2 2025 Financial Results

  West Red Lake Gold Expands High-Grade Zone 36.85 g/t Au over 6.9m

  Barton Gold Begins Diamond Drilling at Tolmer Discovery

  Equinox Gold Agrees to Divest Non-Core Nevada Assets for US$115 M

  Neometals Exits The Lithium Recycling Business

  Mining Review 10th August 2025

  Caprice Announce High-Grade Gold Discovery

  West Red Lake Gold Provides Madsen Mine Operations Update

  Ora Banda Expands Little Gem High-Grade Strike to Over 1KM

  Orla Mining Provides Update on Pit Wall Event at Camino Rojo

  Kaiser Reef continues profitable operations – Period Ending 31 July 2025

  New Murchison Gold Knock Back Meeka Offer

  Mining Review 3rd August 2025

  Capricorn Acquires Mongers lake to Expand Mt. Gibson

  Market Review July 2025 Published

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author may hold shares in some or all of the companies mentioned

.

Equinox Gold (TSX: EQX / NYSE: EQX)

Provide an update on its cornerstone Canadian mining operations, the Valentine Gold Mine located in Newfoundland & Labrador, and the Greenstone Gold Mine  located in northern Ontario.

The Valentine Gold Mine has begun processing ore through its 2.5-million-tonne-per-annum facility.

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Equinox gold Valentine Gold Mine – Credit Calibre Mining

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Mining Review 24th August 2025

Equinox Gold delivered a solid quarter’s results, prior to the commencement of gold production at their Valentine Mine later this year.

Catalyst Metals announced a new gold discovery outside the existing resource envelope.

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Credits – Equinox Gold Corp.

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Market Data

Weekly Price Changes

(US$ unless stated)

.

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non-deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Declaration

At the time of writing the author may hold positions in any of the stocks mentioned.

.

Equinox Gold Corp. (TSX: EQX)

Announced its Q2 2025 financial and operating results.

These results included a contribution from the Calibre Mining acquisition that closed during the quarter.

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Courtesy of Equinox Gold

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Mining Review 17th August 2025

Equinox Gold started the sell off of non core assets, selling the Nevada located Pan and Gold Rock mines to Minera Alamos.

West Red lake Gold Mines reported high-grade gold intercepts at the Madsen mine in Red Lake.

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Equinox Gold Pan mine vista – Courtesy of Fiore Gold

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City Investors Circle Mining Review 17th August 2025

Equinox Gold started the sell off of non core assets, selling the Nevada located Pan and Gold Rock mines to Minera Alamos.

West Red lake Gold Mines reported high-grade gold intercepts at the Madsen mine in Red Lake.

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The price of lithum is rising strongly as China cuts back production to raise oversold prices by restricting supply.

  G Mining Ventures Reported Strong Q2 2025 Results

  Orla Mining Reported Q2 2025 Financial Results

  West Red Lake Gold Expanded the High-Grade Zone 36.85 g/t Au over 6.9m

  Barton Gold Began Diamond Drilling at Tolmer Discovery

  Equinox Gold Agrees to Divest Non-Core Nevada Assets for US$115 M

  Neometals Exited The Lithium Recycling Business

  Mining Review 10th August 2025

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.

Small events from our watchlist companies this week

Impact Minerals Interview with MD Dr. Jones

New Murchison Gold corporate presentation

Galiano Gold target price increased 25% by BMO analyst

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.

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non-deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Declaration

At the time of writing the author may hold positions in any of the stocks mentioned.

.

Mining Review 3rd August 2025

The price of copper tanked on the news that Trump isn’t going to tariff all copper imported into the USA.

Equinox gold announced new high-grade gold drill results, and a leadership transition.

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Equinox Gold Greenstone Mine – Credits Equinox Gold Corp.

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City Investors Circle Mining Review 3rd August 2025

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Mining Review 3rd August 2025 – The price of copper tanked on the news that Trump isn’t going to tariff all copper imported into the USA. The price fell a whopping 23.4% after the news.

Gold move up 2% week on week, and silver fell after a recent strong run, causing the gold silver ration to increase after weeks of falling.

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Equinox Gold announced new high-grade gold drill results, and a leadership transition. The feeling in the market is that this is one to watch over the next year, as providing the price of gold remains high EQX will be able to pay down it’s current debt in large chunks.

Equinox also announced that former Calibre Mining CEO Darren Hall has assumed the role of CEO.

Darren has huge experience in the gold mining sector, with Kirkland Lake Gold and Newmarket Gold, before transforming Calibre from a junior mining company to a mid tier producer before being acquired by Equinox.

Darren looks a safe pair of hands to lead the company forwards from here in my opinion.

Capricorn Metals agreed to purchase the Mongers Lake project contiguous to their Mt. Gibson project as they consolidate the area around Mt. Gibson.

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We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non-deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Declaration

At the time of writing the author may hold positions in any of the stocks mentioned.

.

Equinox Gold. (TSX / NYSE: EQX)

Provided an update from the exploration campaign at its producing El Limon Mine Complex in Nicaragua.

Initial results of the planned 100,000 metres of discovery and resource expansion diamond drilling at El Limon in 2025 have yielded the highest-grade gold mineralization discovered to date on the property.

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El Limon Mine – Credits Calibre Mining

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Equinox Gold (TSX / NYSE: EQX)

Announced a leadership transition.

Greg Smith has stepped down as Chief Executive Officer and Director, and Darren Hall, current President and Chief Operating Officer, has been appointed Chief Executive Officer and Director effective immediately.

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Equinox Gold Greenstone Mine – Credits Equinox Gold Corp.

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.To View Equinox Gold’s historical news, please click here

The live gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Equinox Gold.

.

Mining Review 20th July 2025

Ora Banda Mining’s 2025 results and 2026 guidance disappointed the market. Equinox Gold reported Q2 2925 production of 219,122 ounces of gold.

Gold trod water as crypto seems to hold investor focus currently.

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City Investors Circle Mining Review 20th July 2025

Ora Banda Mining’s 2025 results and 2026 guidance disappointed the market. Equinox Gold reported Q2 2925 production of 219,122 ounces of gold.

Lefroy Exploration’s shareprice jumped on news that it has secured funding to allow the lucky Strike toll milling operation to start.

On the exploration front G2 Goldfields announced the best drill hole to date at their New OKO surface discovery in Guyana.

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Gold trod water as crypto seems to hold investor focus currently. Silver slid back a tad, after it’s recent sudden rise. Platinum and Palladium continued their recent surge.

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A list of all the significant news releases from our watchlist companies last week is below, please click on the link to be taken to the full story.

  Ora Banda Mining FY25 Production Results And FY26 Guidance

  Lefroy Exploration secures funding via BML Lucky Strike Profit Cash Advance

  G2 Goldfields Drills Best Holes to Date in New OKO Surface Discovery

  Barton Gold Expedites Tolmer Soil Sampling Tests

  Galiano Gold Announced Drilling Results Including 36m @ 2.5 G/T Au

  Equinox Gold Reported Q2 2025 Gold Production of 219,122 Oz

  Mining Review 13th July 2025

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Market Data

Weekly Price Changes

(US$ unless stated)

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non-deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Declaration

At the time of writing the author may hold positions in any of the stocks mentioned.

.

Equinox Gold (TSX: EQX)

Announced production results for Q2 ended June 30, 2025, along with an update on construction and commissioning progress at its Valentine Gold Mine in Newfoundland & Labrador, and ramp-up at its Greenstone Gold Mine in Ontario, Canada.

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Equinox Gold (TSX: EQX)

Calibre Mining has officially delisted from the TSX as its acquisition by Equinox Gold has completed.

The new combined entity will become a major gold producer when they open the two new gold mines in construction.

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The Equinox Gold and Calibre Merger is Complete!

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Equinox Gold to become the second largest gold producer in Canada

Calibre Mining Corp. (TSX: CXB)

Announced that holders of Calibre common shares and holders of options issued under Calibre’s amended and restated long-term incentive plan have approved the business combination with Equinox Gold Corp.

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Calibre Securityholders Approve Business Combination with Equinox Gold

Calibre Mining (TSX: CXB)

Calibre shareholders can cheer the news that Equinox Gold is now offering them a 10% premium, after opposition ot a non-premium offer for their shares.

Van Eck opposed the original deal, will this improved offer appease them?

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Comment

I opposed the non-premium aspect of the original offer from Equinox Gold to buy out Calibre Mining, on the basis that they were getting more out of the deal than Calibre shareholders. I have voted against the deal, and still maintain that  stance despite this improved offer.

Van Eck opposed the deal, and perhaps as a result of that, Equinox Gold have now capitulated and offered a 10% premium to Calibre shareholders.

Given Equinox’ large debt, I maintain my opposition to the deal and will not change my vote for a 10% premium.

It remains to be seen if Van Eck support this improved offer.  I personally hope they still oppose it, as I would prefer Calibre to stay independent, rather than succumb to an offer with such a low premium from a company with such a large debt of over C$1 billion dollars.

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Equinox Capitulates and Offers Calibre Holders a Premium

Vancouver, British Columbia–(Newsfile Corp. – April 23, 2025) – Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) (“Equinox Gold”) and Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) (“Calibre” and collectively the “Companies”) announce that the Companies have amended the arrangement agreement (the “Amended Arrangement Agreement”) pursuant to the proposed business combination previously announced on February 23, 2025 (the “Transaction”).

Under the terms of the Amended Arrangement Agreement, Calibre shareholders will receive 0.35 Equinox Gold common shares for each Calibre Share held (the “New Exchange Ratio”) immediately prior to the effective time of the Transaction. Upon completion of the Transaction, existing Equinox Gold shareholders and former Calibre shareholders will own approximately 61% and 39% of the outstanding common shares of the combined company, respectively, on a fully diluted basis. The New Exchange Ratio represents a 10% premium to the closing price of Calibre shares on the Toronto Stock Exchange on February 21, 2025, the last trading day before the Transaction was announced.

To allow Equinox Gold shareholders and Calibre securityholders time to consider and vote on the Amended Arrangement Agreement, both Equinox Gold and Calibre are adjourning their respective shareholder meetings that were scheduled for April 24, 2025. The Equinox Gold meeting will now be held on May 1, 2025 at 1:30 pm (Vancouver time) and the Calibre meeting will now be held on May 1, 2025 at 10:00 am (Vancouver time). Details regarding how to attend the meetings in person or attend via webcast are included later in the news release.

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Greg Smith, President & CEO of Equinox Gold, commented:

“We believe this transaction is in the best interest of shareholders of both Equinox Gold and Calibre Mining.

 

“Combining these two companies will create a major gold producer with the potential to produce more than 1.2 million ounces of gold per year in the very near term, all from mining-friendly jurisdictions in the Americas and underpinned by production from two world-class Canadian gold mines.

“We also believe the offer of 0.35 Equinox Gold shares for every Calibre share is full and fair valuation that reflects both the current production and the growth potential of each company.”

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Darren Hall, President & CEO of Calibre, commented:

“With a focus on operational excellence and execution, the combination of Calibre and Equinox Gold will create more shareholder value together than either could achieve individually.

 

“The combined company will be the second largest gold producer in Canada and one of the top 15 gold producers globally. I encourage Calibre shareholders to cast your vote in favour of the transaction.”

 

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To read the full news release, please click HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Disclosure

At the time of writing the author holds shares in Calibre Mining

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Calibre Mining (TSX: CXB)

Van Eck, Calibre Mining’s top shareholder at 8.9% as per a recent declaration, is opposing the takeover of Calibre by Equinox Gold.

I wholeheartedly agree with their opposition, and wonder if their lead will be followed by other institutional investors?

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Comment

I have been a shareholder of Calibre Mining for a few years, firstly after they took over Fiore Gold where I was a shareholder, and then they took over Marathon Gold Corp., where again I was a shareholder.

Marathon were struggling to complete the construction of the Valentine Gold Mine in Newfoundland due to financial constraints, so Calibre offered a route to production without massive dilution.

Equinox Gold recently announced they are acquiring Calibre in an all-share deal with no premium for Calibre shareholders.

I am very pleased to hear that Van Eck is oposing the Equinox Gold buyout of Calibre Mining, because I too think this is a bad deal for Calibre shareholders, of which I’m still one.

Van Eck shares my concerns, and it is not only the largest Calibre shareholder at 8.9%, it is also a large shareholder of Equinox Gold! 

Imaru Casanova, a portfolio manager for Van Eck Associates Corp., said that the merger “dilutes the quality and potential” of Calibre Mining.

With such an influential shareholder of both companies opposing the deal, this could get very interesting if other institutions agree.

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My main concerns

Equinox Gold’s huge debt of around $1.48 billion (source) that Calibre shareholders will end up partly repaying through profits from their operations.

No premium was offered.

The deal results in a mish mash of mines and projects spread over a number of countries. Interestingly this is one of the principal objections raised by Van Eck.

I feel the commencement of production at Valentine would have rerated the stock, hence Equinox’s opportunistic approach now before the CXB price moved upwards.

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In conclusion, I think this deal benefits Equinox shareholders at the expense of Calibre shareholders, and I too will be voting against when the time comes. My hope is that Van Eck’s objections will lead to other institutional objections, over 33% is required to prevent the transaction going ahead.

I did speak to a couple of people from the company at PDAC, and expressed my concerns, and they tried to convince me that with the current price of gold and when 900,000 ounces of annual production is achieved, the debt will be paid off quickly.

This may be so, but without this deal Calibre would have been banking money from Valentine from the word go, which when added to Nicaraguan production, and Nevada, would have created a huge cash pile for either shareholder dividends or acquisitions of their own.

A recent Article by Mining.com is here

The live gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Disclosure

At the time of writing the author holds shares in Calibre Mining

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I am invested because of the past record of company achievements, and the opening of the large Valentine Gold Mine in Newfoundland later this year, an event that I consider will bring about a positive rerating of the share price.

PDAC 2025 Day 3

The weather relented a little today and the temperature rose to around zero, a welcome relief from the previous days of biting wind.

Another day trudging around the booths and I am struggling to find new companies of interest that meet my criteria.

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PDAC 2025 Day 3

The weather relented a little today and the temperature rose to around zero, a welcome relief from the previous days of biting wind.

A full day in the show for me, and despite wearing Nike Air shoes to combat the walking on hard concrete floors all day, the walking is taking it’s toll and my feet are in need of a rest.

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I caught up with a few of my current holdings today for an update.

I attended the Calibre Mining booth and spoke to the managment about their rationale for being acquired by Equinox Gold, a deal that disappointed me when I felt Calibre were in a good position by themselves.

Equinox Gold have substantial debt, so Calibre’s production will be going to pay that off, which I think works better for Equinox’ shareholders than Calibre personally.

As long as gold stays high this deal should work once the debt is paid off, but I feel a premium should have been given to Calibre shareholders.

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I then visited West Red Lake Gold Mining to hear the reason for their recent Charity flow through financing, another disappointment, especially as they upsized it with a full warrant.

This company continue to run financings when they have previously marketed on the basis of picking the mill up for a song, which they did, and for being close to resuming production.

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After those meetings it was another day trudging around the booths of PDAC 2025 and  struggling to find new companies of interest that meet my criteria, followed by the usual round of evening functions, this time starting on the 44th flooor in a solicitor’s office.

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Live metal prices can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

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Calibre Mining (TSX: CXB)

Have announced they have agreed to be acquired by Equinox Gold in an all share transaction.

The price in 0.31 Equinox shares per Calibre share, which is only a fraction over the current Calibre share price, and a disappointing premum for a company in about to become a significant producer when the Valentine mine commences production.

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Comment.

This is very disappointing, Calibre looked to be advancing so well and with 250,000 ounces of gold production per annum about to commence at Valentine, I had high hopes the company was going to grow organically from here.

The premium is miniscule, and is sure to disappoint investors.

With the Calibre CEO to become the CEO of the combined company it looks done and dusted, and I don’t see a challenging bid likely, although I would love to see one that gives Calibre shareholders a proper price for their shares rto reward them for their faith in managament.

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Equinox Gold to buy Calibre Mining

New Equinox Gold to Become the Second Largest Gold Producer in Canada

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Vancouver, British Columbia–(Newsfile Corp. – February 23, 2025) – Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) (“Equinox”) and Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) (“Calibre” and collectively the “Companies”) are pleased to announce that the Companies have entered into a definitive arrangement agreement (the “Arrangement Agreement”) in an at-market business combination whereby Equinox will acquire all the issued and outstanding common shares of Calibre pursuant to a court-approved plan of arrangement (the “Transaction”). The combined company (“New Equinox Gold”) will continue under the name “Equinox Gold Corp.”

Equinox and Calibre will host a conference call and webcast to discuss the Transaction commencing at 7:30 am Eastern Time on Monday, February 24, 2025. Details are provided at the end of this news release.

The Transaction will create an Americas-focused diversified gold producer with a portfolio of operating mines in five countries anchored by two high-quality, long-life, low-cost Canadian gold mines.

The Greenstone Mine (“Greenstone”) in Ontario achieved commercial production in November 2024 while the Valentine Gold Mine (“Valentine”) in Newfoundland & Labrador is nearing construction completion with first gold pour targeted for mid-2025.

Collectively, these two cornerstone assets are expected to produce an average of 590,000 ounces of gold per year when operating at capacity. With 100% ownership of Greenstone and Valentine, New Equinox Gold will become the second largest gold producer in Canada.

The combined company is expected to produce approximately 950,000 ounces of gold in 2025¹, not including production from Valentine or Los Filos. New Equinox Gold has the potential to produce more than 1.2 million ounces of gold per year with Greenstone and Valentine operating at capacity.

Additionally, the combined company will have a large gold endowment of Mineral Reserves and Mineral Resources, and a highly prospective pipeline of development, expansion and exploration projects for low-risk sustainable growth.

Under the terms of the Arrangement Agreement, Calibre shareholders will receive 0.31 Equinox common shares for each Calibre common share held (the “Exchange Ratio”) immediately prior to the effective time of the Transaction (the “Effective Time”).

Upon completion of the Transaction, existing Equinox shareholders and former Calibre shareholders will own approximately 65% and 35% of the outstanding common shares of the combined company, respectively, on a fully diluted in-the-money basis. The implied market capitalization of the combined company is estimated at C$7.7 billion.

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.To read the full news release please click HERE

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The live gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Calibre Mining

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